1) The first thing to know about purchasing land is that the financing options are very different than purchasing a house. Very few banks offer "land loans" and the ones that do usually want to see 35% down and they want the loan repaid back within 5-7 years. However, if you plan on building a house on the land and want to begin construction within the next 12 months, you may qualify for a "land and construction loan" which can be for 30 years and have similar terms to buying a home.
2) the second thing to remember about buying land, is that there is a lot of homework to do... a lot of questions to ask. Here are some that might apply:
1) has the lot passed a perc test? if so, is the perc test still valid?
2) are there deed restrictions?
3) are there easements? if so, what does the easement say and is there a map showing easement? any maintenance agreements regarding the easement?
4) are there wetlands?
5) what is it zoned? what are the permitted uses for that zoning? is the municipality considering any changes in the current zoning map?
6) what are the setbacks? Is there room for a house?
7) are there HOA rules and regs? if so how do they affect building process?
8) is there shared anything? Driveway, well, septic
9) is it on a public road or private road?
10) who plows the road?
11) does it abut state gamelands?
12) is there traffic noise?
13) is it on a state road
14) will buyer need a driveway permit?
15) is it land locked
16) is there a stream or lake on the property
17) is any portion in a flood zone
18) will it require flood insurance
19) is there timber value? (usually only on large parcels)
20) are there overhead power lines on it or close by
21) is there electric available/at street? if not, how much to get it to property?
22) is there a view? is there property owned by someone else between lot and view that could grow up or be built on in a few years?
23) what is the minimum lot size to build? are we sure we are grandfathered if smaller?
24) are we in a high quality watershed that might limit some of the land? (stream on or close by)
25) are there any encroachments?
26) is there a slope? will it affect potential for driveway?
27) is there a bridge or a need for a bridge on property?
28) is it near an airport or airstrip
29) any soil or air contamination history (ex: lead in Palmerton)
30) any buried fuel tanks of any kind?
31) was the property ever farmed? sprays used?
32) how do I access the land; do I have access to the land?
